NEFAR Announces October 2011 Real Estate Sales Results | Business
The Northeast Florida Association of Realtors (NEFAR) announces real estate market statistics for October 2011. Statistics encompass both single-family residential and condo sales.
Closed sales continued their positive trend, moving up 6.2 percent from a year ago to reach 1,192 for the month. There were 1,547 pending sales in October; a marked 37.5 percent uptick over October 2010. Of the 1,192 homes sold during October, 647 were traditional sales and 545 (45.7 percent) were lender-mediated sales.
Inventory continues to decline; dropping 31.5 percent from October 2010 to October 2011, to arrive at 10,964 homes available. The continued increase in sales has reduced the months supply of homes on hand to 7.7 months; a 33.6 percent drop since last October’s 11.6 months. A market is considered balanced when there is roughly a five- to six-month supply of properties.
New listings were also down in October, dropping 8.7 percent.
After rallying slowly but steadily for several month, median prices dipped 8.1 percent in October to each a total market median price of $127,800 (last October the median was $139,050). The median for traditional sales was $160,000 and $82,900 for lender-mediated sales.
NEFAR President Dane Leslie says, “We are happy to see both closed and pending sales numbers continue to increase and inventory continue to decrease. This demonstrates that northeast Floridians – like the majority of Americans – still strongly value the dream of homeownership. Today’s bargain prices are making that dream more affordable than ever and homebuyers are reaping the benefits.”
All of the statistics above, plus numerous others, are included in the FREE statistics reports available on the Newsroom | Market Stats tab of www.NEFAR.com. Two report categories are available: 1) The Monthly Indicators and Housing Supply Overview Report summarizes complete activity for NEFAR’s entire service area plus *partial information for St. Johns County and Nassau County. 2) Lender-Mediated sales reports offer a birds-eye look specifically at lender-mediated sales and how they compare to traditional sales. Time-savings tip: For the quickest review of key indicators for the month, see page 2 (Market Overview) of the Monthly Indicators report.
The Northeast Florida Association of Realtors provides professional development, political advocacy, professional standards administration, media relations, and promotional activities and exchange of information among its members. NEFAR serves as the voice for real estate in northeast Florida; serving the public through efforts to protect private property rights and community affairs programs. NEFAR is Northeast Florida's largest professional association, comprising more than 4,900 members working in all facets of the real estate industry, including residential and commercial sales as well as property management. All statistics in NEFAR’s Monthly Indicators and foreclosure/short sale reports are based on data compiled from NEFAR’s wholly owned subsidiary, the Northeast Florida Multiple Listing Service (NEFMLS). NEFAR is headquartered in Jacksonville, with satellite Service Centers in Orange Park, Jacksonville Beach, Palatka and World Golf Village. * As all Nassau and St. Johns County Realtors are not participants of the NEFMLS; reports provided do not represent the full extent of Realtor sales in those counties.